Do you need a license to own a Property Management company?

Not in Texas unless you plan to broker sales.

In CO I believe you can buy the business without the brokers license, but you need a suitable manager on staff with a broker license to oversee all lease agreements and transactions. Obvious risk to your business if they exit before you have your license. When I looked at one PM deal, I anticipated having to do a full background check on the manager and giving them an equity position as part of the transaction to allow me time to get the required license in 2+ years. Tricky but potentially doable. The bank may have a problem underwriting that deal to buyer that isn't fully licensed to operate though...worth checking with your banker. Anecdotally, I later learned that the group that bought that PM company paid full asking price with cash at closing, the owners retained equity in the company, with a 2 week close. It was an attractive business for sure.